1-1     By:  Ratliff                                          S.B. No. 1923

 1-2           (In the Senate - Filed April 2, 1997; April 8, 1997, read

 1-3     first time and referred to Committee on Finance; April 18, 1997,

 1-4     reported favorably by the following vote:  Yeas 10, Nays 0;

 1-5     April 18, 1997, sent to printer.)

 1-6                            A BILL TO BE ENTITLED

 1-7                                   AN ACT

 1-8     relating to use of state funds for certain investments.

 1-9           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-10           SECTION 1.  Section 404.024, Government Code, is amended by

1-11     adding Subsection (j) to read as follows:

1-12           (j)  The comptroller may not use state funds to invest in or

1-13     purchase securities, including obligations, of a private

1-14     corporation or other private business entity that, directly or

1-15     indirectly through ownership of 10 percent or more of another

1-16     corporation or business entity, writes, records, produces,

1-17     advertises, markets, sells, or otherwise promotes any song, lyrics,

1-18     or other musical work that explicitly describes, glamorizes, or

1-19     advocates:

1-20                 (1)  acts of criminal violence, including murder,

1-21     assault, assault on peace officers, sexual assault, and robbery;

1-22                 (2)  necrophilia, bestiality, or pedophilia;

1-23                 (3)  illegal use of controlled substances;

1-24                 (4)  criminal street gang activity;

1-25                 (5)  degradation or denigration of females; or

1-26                 (6)  violence against a particular sex, race, or ethnic

1-27     group.

1-28           SECTION 2.  Subchapter B, Chapter 2256, Government Code, is

1-29     amended by adding Section 2256.060 to read as follows:

1-30           Sec. 2256.060.  UNAUTHORIZED INVESTMENT.  The state or an

1-31     entity of state government, including a department, commission,

1-32     board, office, or institution of higher education as defined by

1-33     Section 61.003, Education Code, may not use state funds to invest

1-34     in or purchase securities, including obligations, of a private

1-35     corporation or other private business entity that, directly or

1-36     indirectly through ownership of 10 percent or more of another

1-37     corporation or business entity, writes, records, produces,

1-38     advertises, markets, sells, or otherwise promotes any song, lyrics,

1-39     or other musical work that explicitly describes, glamorizes, or

1-40     advocates:

1-41                 (1)  acts of criminal violence, including murder,

1-42     assault, assault on peace officers, sexual assault, and robbery;

1-43                 (2)  necrophilia, bestiality, or pedophilia;

1-44                 (3)  illegal use of controlled substances;

1-45                 (4)  criminal street gang activity;

1-46                 (5)  degradation or denigration of females; or

1-47                 (6)  violence against a particular sex, race, or ethnic

1-48     group.

1-49           SECTION 3.  Section 845.301, Government Code, is amended by

1-50     adding Subsection (f) to read as follows:

1-51           (f)  The board of trustees may not use state funds to invest

1-52     in or purchase securities, including obligations, of a private

1-53     corporation or other private business entity that, directly or

1-54     indirectly through ownership of 10 percent or more of another

1-55     corporation or business entity, writes, records, produces,

1-56     advertises, markets, sells, or otherwise promotes any song, lyrics,

1-57     or other musical work that explicitly describes, glamorizes, or

1-58     advocates:

1-59                 (1)  acts of criminal violence, including murder,

1-60     assault, assault on peace officers, sexual assault, and robbery;

1-61                 (2)  necrophilia, bestiality, or pedophilia;

1-62                 (3)  illegal use of controlled substances;

1-63                 (4)  criminal street gang activity;

1-64                 (5)  degradation or denigration of females; or

 2-1                 (6)  violence against a particular sex, race, or ethnic

 2-2     group.

 2-3           SECTION 4.  Section 855.302, Government Code, is amended by

 2-4     adding Subsection (c) to read as follows:

 2-5           (c)  The board may not use state funds to invest in or

 2-6     purchase securities, including obligations, of a private

 2-7     corporation or other private business entity that, directly or

 2-8     indirectly through ownership of 10 percent or more of another

 2-9     corporation or business entity, writes, records, produces,

2-10     advertises, markets, sells, or otherwise promotes any song, lyrics,

2-11     or other musical work that explicitly describes, glamorizes, or

2-12     advocates:

2-13                 (1)  acts of criminal violence, including murder,

2-14     assault, assault on peace officers, sexual assault, and robbery;

2-15                 (2)  necrophilia, bestiality, or pedophilia;

2-16                 (3)  illegal use of controlled substances;

2-17                 (4)  criminal street gang activity;

2-18                 (5)  degradation or denigration of females; or

2-19                 (6)  violence against a particular sex, race, or ethnic

2-20     group.

2-21           SECTION 5.  A governmental entity or retirement system that

2-22     owns an investment prohibited by this Act shall divest the

2-23     investment as soon as is reasonable and practical considering

2-24     protection of capital, but not later than January 1, 1999.

2-25           SECTION 6.  The importance of this legislation and the

2-26     crowded condition of the calendars in both houses create an

2-27     emergency and an imperative public necessity that the

2-28     constitutional rule requiring bills to be read on three several

2-29     days in each house be suspended, and this rule is hereby suspended.

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